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June 25, 2014: A rehabilitation plan proposed in the process of civil rehabilitation proceedings commenced against TAIYOKOKI CO., LTD. was authorized by the Nagasaki District Court on May 28, 2014 (Nagasaki District Court - Heisei 25 (i.e., 2013) (sai) No. 2) and became final and binding on June 25, 2014.

Toyoki Emoto, Partner, Keisuke Chiba, Kazuya Sato and Hayato Kimura acted as representatives of TAIYOKOKI CO., LTD., a coil maker established in 1964, in its civil rehabilitation proceedings commenced on September 25, 2013. A proposed rehabilitation plan has been approved at a creditors meeting held on May 28, 2014 by obtaining consent of 94.9 % of the votes and 92.5 % of the aggregate amount of outstanding shares with voting rights, and the court issued an order of confirmation of the rehabilitation plan on the same date and became final and binding on June 25, 2014. TAIYOKOKI had established factories in China, India and The Philippines and boosted its sales up to about 5.86 billion yen in fiscal year 2007. However, the company’s sales decreased by almost 40% during the past five years and at the time of filing the petition for rehabilitation, the company had over 2 billion yen in debts.

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